United States: 2002 E&P spending ///

The 36-page report "The E&P Spending Survey," by Salomon Smith Barney (SSB), is the organization’s 20th annual survey of activities of major and independent oil/gas operating companies with interests in the U.S., Canada and International (outside North America). In this report, covering the year 2002, responses from 243 participating companies are presented and analyzed.
The authors say the survey indicates a sharp reduction in 2002 North American spending, offsetting modest growth overseas. Further, recent market dynamics and increased sensitivity to price changes suggest the survey results may even overstate likely activity. The survey, encompassing about 75% of global spending, indicates a modest potential 2002 decline of 0.5%, vs. 2001. This follows estimated growth of 24.8% in 2001, the highest year-over-year increase since 1981.